Idaho Introduces New Gold, Silver Coin Bill

The State Affairs Committee in the Idaho House of Representatives voted Tuesday to introduce HB 578, legislation (after the 20th day of the session in the House and the 12th day in the Senate, bills may be introduced only by committee) that will make gold and silver coin legal tender. The bill is an updated version of HB 430, a personal bill previously introduced by Representative Phil Hart.

The statement of purpose for HB 578 is as follows:

This legislation provides for the voluntary use of gold and silver coin as legal tender in the State of Idaho as an alternative to the Federal Reserve Notes that currently circulate as our only currency.

The full Statement of Purpose can be read here.

The other notable part about HB 578 is the exemption of state tax on transactions completed with gold or silver:

PROHIBITION OF CERTAIN FORMS OF TAXATION. (1) A transaction

38 entered into by any person subject to this act which involves the exchange of

39(a) any gold or silver coin, which shall be legal tender under the provisions

40 of this act for (b) some medium of exchange, other than gold or silver coin,

41 which has been designated legal tender under the laws of the United States

42 shall not be subject to any sales, excise, gross receipts, income, capital

43 gains, or other form of tax or public charge whatsoever under color of the

44 laws of the state of Idaho.(emphasis added)

The full text of the bill can be read here.

Idaho is among many other states, such as Colorado, Missouri and Washington, that have recently been working on legislation that declares gold and silver coin as legal tender.